Selangor Journal
Image for illustration purposes only. — Picture by PEXELS

Kenanga Research: Bursa Malaysia may attract more trading interest ahead of Budget 2023

KUALA LUMPUR, Feb 20 — The Malaysian bourse may attract more trading interest ahead of the announcement of Budget 2023 scheduled for February 24, according to Kenanga Research today.

Last week, the brokerage firm said, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) recovered swiftly from a low of 1,469 on Monday to as high as 1,495 last Thursday (February 16) before stopping at 1,477 on Friday (February 17), or just a notch above the preceding Friday’s close of 1,475.

“The highlight of this week will be the tabling of a revised Budget 2023 in Parliament on Friday afternoon, which hopefully will cheer up the market mood,” Kenanga Research said in its weekly technical review note today.

Prior to that, the brokerage firm said investors could look forward to the release of the January external trade statistics due today and the January Consumer Price Index report on Friday.

There will also be a deluge of quarterly corporate earnings announcements in the run-up to the end-February reporting deadline, including Pos Malaysia, Petronas Dagangan, Genting Plantations and Telekom Malaysia.

As of 10.56am, the FBM KLCI shed 2.93 points to 1,473.97.

— Bernama

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